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Bad Credit Credit Cards

If you have bad or poor credits and want to reestablish your credit, these are the special cards for you. Since you credit history is bad or poor, you might have to pay a higher interest rate than that of regular credit cards. But if you are determined to get your credit back to good standing, apply for one of those credit cards and always make the minimum monthly payment, or even better - pay off the balance every month. Your credit lender will be willing to low the interest rate it will become easier for you to borrow more money and apply for a mortgage.

So, how to find out if you have poor or bad credit? One easy way is to apply for a regular credit card from a major bank such as Citibank, Chase, or Bank of America. These banks generally require good credit for credit card approval. If you get declined, chances are your credit is not good enough. Another way is just check your credit score. Some online services such as Experian offers free credit checks from 3 major credit bureau. You can request to run a free credit report once a year.

Having bad credit is not always your fault, sometimes, it could be of identity theft. Many people end up with bad credit because of unexpected medical bills, or simply because of a rough credit history in the past. They doesn't necessarily mean you are not responsible or unable to pay bills. However, most of the credit card companies care about your credit history and don't want to take the risk of not getting paid.

Luckily there are credit cards out there designed for bad credit. Here are the things you should look for when apply for these types of credit cards.

Interest Rate
Don't expect 0 or low interest rate. The rates are going to be higher than normal. If you pay the bills on time and pay full each time, the rates will gradually come down and your credit score will be improved.

Fees and Limit
Do expect to pay fee and some credit cards charge really high fees. You can't avoid fees but you can stay away from those with high fees. These fees will take up your available credit line. Also, your credit line will have a very low limit. Some only allow up to a few hundred dollars each month. Be patient, the limit will be higher as your credit scores go up.

The most important benefit of credit cards for bad credit is to help you regain your financial credibility. These credit cards will report to all of the credit bureaus each month. And thus your credit ranking will improve as the credit bureaus learn that you have been able to pay your bills on time. So, make sure the credit card you are apply for does that at least.

Find the right card for bad credit is not hard. Do some research and comparison before applying. Don't sign up for all the credit cards at once. Only select one with best benefit of improving credit scores.


 

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